EURUSD: Halts Gains, Triggers Corrective Pullbacks.

EURUSD-Even though EUR still maintains its medium term uptrend triggered off the 1.2456 level in Mar'09, nearer term that trend has stalled and corrective pullbacks triggered pushing the pair lower to close at 1.4689 the past week. This is coming on the back  of a failed test of  the 1.4844 high(highest price since Dec'08) on Wednesday  leaving the pair with downside risk towards the  1.4611 level, its Sept 21'09 low with a loss of the latter targeting the 1.4516 level where its Sept 14'09 low is located. The bigger test if continued corrective declines are seen lies at the 1.4446 level, its Aug 09 high. That level which now coincides with its MT rising trendline should provide a strong support and push the pair back up again. On the other hand, in order for its medium term uptrend to be triggered and its present corrective weakness cut short, a return above the 1.4844 level must occur putting the next upside at the 1.4875 level, representing its Sept 21'09 high  ahead of the its psycho level at 1.5000 and then the 1.5082 level, its Aug 10'08 high. On the whole, though biased to the upside medium term, EUR is now being challenged by corrective weakness.

Directional Bias:

Nearer Term -Mixed

Short Term - Bullish

Medium Term -Bullish

Performance in %:

Past Week:  -0.15%

Past Month: +0.55%

Past Quarter: +5.89%

Year To Date: +5.13%

Weekly Range:

High -1.4844

Low -1.4611


Weekly Chart: EURUSD

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